0
A traditional economy is based on an established economy that has proven successful in the past. Resources are allocated by inheritance. There is no waste of resources and roles are well defined. A huge disadvantage, however, is a resistance to change.
Wiki User
∙ 9y ago
Wiki User
∙ 11y agoThey have a close knit community
They know exactly what their jobs are
They know how to produce what they need
Tradition dictates who gets the first pick of the resources
Wiki User
∙ 12y agoobviously because traditional economy shares all there goods and services which is fair and it causes no pollution
Wiki User
∙ 10y ago2 advantage of traditional economy
Add your answer:
Earn +20 pts
What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
What are other names for traditional economy?
command economy
What is India's economic system?
Traditional Economy.
What type of economic system does Yemen have?
Traditional Economy.
Which of these describes a traditional economic system?
Agriculture drives the economy
What country uses a traditional system of economy?
The country that uses the traditional economy system is Cuba
What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
How do I describe a mixed economy?
A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.
What are other names for traditional economy?
command economy
What is India's economic system?
Traditional Economy.
What type of economic system does Yemen have?
Traditional Economy.
Which of these describes a traditional economic system?
Agriculture drives the economy
How does a traditional economy differ from a capitalist economy?
In a capitalist system, the government answers the three basic questions.
What kind of economic system did the sumerians have?
A Traditional Economy Based on Farming :)
What are the advantages of command system?
It's an economy controled by a central administrater
What is another name for Traditional Economic System?
No, Capitalism is a market economy
Hunting and gathering subsistence agriculture and the barter system are characteristics of what?
traditional economy
